in the pharmaceutical and biotechnology industries. This will have a major impact on merger and acquisition activity …. While the plethora of merger and acquisition deals are abundantly reported by the news media, there is a clear lack of in … industries while seeking to bridge the gap between theory and practice. It presents a critical analysis of the rationale for …

target overvaluation. We find that target shareholders profit from the consummation of a takeover even if the announced offer …

implications of merger activity for aggregate economic outcomes. The theory is consistent with a rich set of micro-level facts on … US M&A, including, e.g., sorting among merging firms, a substantial merger premium and serial acquisition. It provides a … sharp link between these facts and the nature of merger gains. Estimating the model shows that both synergies, i …

Merger value is frequently evaluated in single market contexts without considering possible gains stemming from firms … multimarket firms create incremental value. We establish a simple theoretical model that determines merger value in a multimarket … firm environment. The model enables us to derive merger values as being independent of post-merger market shares, but …

December 2016 time period. Previously written and undoubtedly the most prominent literature into M&A and merger arbitrage …This paper examines the annual risks and returns of three disparate, hypothetical merger arbitrage portfolio strategies … of such from noise/shock trading and the risk & return characteristics of a merger arbitrage trading strategy …